Gary Garrabrant, a co-founder of the Chicago-based company
who had been CEO, was removed from the website. Thomas McDonald,
chief strategic officer, also no longer appears in the site’s
“leadership” section.

Zell and Garrabrant founded Equity International in 1999 to
invest in real estate in fast-growing emerging markets. The
company has teamed with local operating partners on investments
in 14 countries, including Mexico, Brazil, China and India,
according to its website. Zell, 70, also is founder of Equity
Group Investments LLC, a Chicago-based private investment firm
that’s more than 40 years old.

“I have been the majority owner of EI since its inception
13 years ago, and I am actively engaged in the business,” Zell
said in an e-mailed statement today. “We have a deep well of
expertise at the company, and substantial resources at EGI to
contribute during this transition.”

The management shakeup was reported earlier today by the
Wall Street Journal.